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The Baltic Exchange has issued its report for the last week 5-9 May to provide information of the bulk market performance.

Fresh disruptions largely fueled by escalating tensions between the U.S. and China shake the trade landscape and state of global shipping.

On 9 May, the UK Government announced its upcoming largest-ever sanctions package targeting Russia’s shadow fleet of oil tankers. 

On 8 May, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed new sanctions targeting Iran’s oil exports, focusing on the “teapot” refinery Hebei Xinhai Chemical Group Co., Ltd. and three port terminal operators in China’s Shandong Province. These entities are accused of facilitating hundreds of millions of dollars’ worth of Iranian oil purchases. OFAC is also sanctioning multiple companies and individuals linked to Iran’s “shadow fleet.” Several companies, based in Hong Kong, the U.K., and the Marshall Islands, have been sanctioned for operating in the Iranian petroleum sector by managing vessels that transported large volumes of Iranian oil. OFAC has also designated two Indian captains for their roles in navigating sanctioned vessels that moved Iranian oil in violation of U.S. restrictions. These actions fall under broader efforts initiated by Executive Orders 13902 and 13846, and align with the U.S. “maximum pressure” campaign against Iran. All designated individuals and entities are now blocked from the U.S. financial system, and any assets under U.S. jurisdiction are frozen. U.S. persons are generally prohibited from engaging in transactions with them, and violators may face civil or criminal penalties.

The Trump administration is considering a proposal to establish an international shipping registry in the U.S. Virgin Islands (USVI) in an effort to expand the U.S.-flagged commercial shipping fleet. According to Reuters, proponents argue that boosting the number of U.S.-flagged ships is vital for national security, especially in times of war, when reliance on foreign vessels presents strategic vulnerabilities. The USVI registry proposal, led by the Center for Ocean Policy and Economics (COPE), aims to create a U.S.-controlled but less restrictive registry. Unlike the traditional U.S. flag, which requires ships to be American-built, crewed, and owned, the USVI registry could allow foreign-built ships with international crews. This would make it more cost-competitive while still falling under U.S. jurisdiction.  While some lawmakers back the initiative, opposition is expected from unions and groups advocating for domestic shipbuilding. Critics argue it may undercut efforts to revive the U.S. shipbuilding industry, already diminished from over 80 shipyards post-WWII to just 20 today. Nonetheless, supporters say the registry would complement, not conflict with, legislation like the SHIPS for America bill, which seeks to secure long-term investment in the maritime sector. The National Security Council is reviewing the proposal, though its current status remains unclear, Reuters...

Maersk cut its container market outlook on tariff war as it sees global volume market in the range of 1% decline to growth of 4% this year.

Over the past several weeks, Sea-Intelligence has been evaluating a sharp week-by-week increase in the number of blank sailings on the Transpacific.

During a virtual meeting on 7 May, SCA and CMA CGM reviewed navigation policies of vessels in the Red Sea region.

OFAC has placed a new round of sanctions on third china-based "teapot" refinery for violating Iran sanctions.

As part of its Today in History series, Mr. Louis' YouTube channel has presented a look back at one of the most tragic and lesser-known events in American history: the explosion of the steamboat Sultana on April 27, 1865.